In terms of revenue, the Global Bioresorbable polymer Market is expected to reach USD 874.9 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 10.7% from 2023 to 2030.
A cutting-edge technological material known as Bioresorbable Polymers can be broken down by the body and does not require mechanical removal, similar sutures, or chlorhexidine chips. Numerous medical indications call for the use of bioresorbable materials, including sutures, coronary and peripheral vascular scaffolds, tissue fixation screws, bone pins and anchors, drug delivery coatings, microspheres, and surgical meshes and matrices. Along with their mechanical function, these materials might also help with drug elution and distribution. In addition to materials with a biological origin like natural collagen, they also include polymers, metals, ceramics, glasses, and other materials.
The sector is expanding because of technological developments, plastics improvements, and sophisticated decontamination tools that are increasing consumer demand for the products. Because Bioresorbable Polymers can decay inside the human body, doctors can avoid performing a second operation to remove temporary implants. Bio-based raw materials are polymerized with the use of sophisticated industrial processes to create the finished product.
Key Highlights from the Report
· By Type, the bio-polyester segment is anticipated to dominate the Bioresorbable Polymers market, with the largest market share in the forecast period, the bio-polyester is derived from renewable sources such as oil and fats.
· By Application, the orthopedic segment accounted for the maximum CAGR during the forecast period because they have strong physical and mechanical properties that are widely used in the production of medical devices for various orthopedic implant surgeries.
· In terms of Region, North America dominates the major market share in 2021, and is likely the most gainful market in the future, North America is mainly driven by the availability of raw materials and growing demand for Bioresorbable Polymers.
Upon implantation, the body breaks down Bioresorbable Polymers such as polylactide (PLA), polyglycolide (PGA), and copolymers of PLA/PGA. For non-structural drug administration to resorbable screws and anchors, these materials can be customized to satisfy mechanical performance and resorption rates. The enormous demand for the product in biomedical contexts, including prostheses and treating injured joints, among other uses, and the favorable government reimbursement are anticipated to drive the global bioresorbable polymer market.
The main factor propelling the growth of the Bioresorbable Polymers market is the attractive reimbursement environment for a number of surgical procedures. The US and CMS's global surgical package, for instance, aims to compensate surgeons for all surgical treatments carried out on its citizens. As a result of better insurance coverage, more surgical procedures are anticipated to be conducted, which is predicted to fuel the market for Bioresorbable Polymers.
Challenges- The technology and application of bioresorbable-based medical products are progressing rapidly, owing to advancement in this field, this call for a physician and other healthcare services that are unwilling to use advanced bioresorbable medical products for wound and closure.
Restraints- Bioresorbable Polymers are high-priced than other degradable polymers and other polymers, a significant restrain for the bioresorbable polymer market. The market projects a higher growth rate, and the market size is smaller than that of conventional polymers. In contrast to the bioresorbable polymer, which is produced in small quantities, the manufacturer of conventional polymer benefits from economies of scale in their production process. Hence production cost is higher, increasing the final product demand. Bioresorbable polymer offers a one-time solution thereby better-quality service. This can be reduced the effect of a higher cost of these polymers in long run.
The Global Bioresorbable Polymers Market is Segmented as follows
- Polylatic Acid (PLA)
- Polyglycolic Acid (PLLA)
- Polylactic-Co-Glycolic Acid (PLGA)
- Polycaprolatone (PCL)
- Other Types
- Orthopedic Devices
- Drug Delivery
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Bioresorbable Polymers Market is
Corbion NV (Netherlands), Evonik Industries AG (Japan), Poly-Med Inc. (U.S.), Abbott (U.S.), KLS Martin Group (Germany), 3D Biotech LLC (U.S.), Sunstar Suisse S.A. (U.S.), Futers (Belgium)
The Global Bioresorbable Polymers Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|